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tv   Parker Spitzer  CNN  December 21, 2010 8:00pm-9:00pm EST

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it really is something we can get together on. jim demint said it's a government takeover of the internet and on the other side, of course, al franken said, this is the most important free speech issue of our time. the idea is, government and in this case, is going to keep it flat. going it allow us to look at what we want when we want, and the internet service provider kind of want to get involved on the side. they want to you receive their consent. the fact is we pay $70, $80 for the internet. we want it fast, want it now and don't want anybody tells us what we can see and when we can see it and that is net neutrality. >> i learn a lot. thank you very much. right back here tomorrow night. hope you're back here with us. that's all for now. "parks and recreation," right now. good evening and welcome to the program. i'm kathleen parker. >> and i'm eliot spitzer talking about the chaotic lame duck congress and everything that happened in it throughout the program. first tonight, as congress struggles towards the finish line, some see president obama
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as a hostage who's outmaneuvered by wildly republican whose control now even the budget. others say his support for tax cuts will actually help him in 2012. >> one prominent african-american voice said, hold on. wait a minute, barack obama. the president he claims may be in trouble with loyal supporters the african-american community. african-americans don't want to be taken for granted, goes the argument and drive a tougher bargain come presidential election time. joinings you stephen a. smith, registered independent and the outspoken radio host. >> thank you for having me. happy holidays. >> you, too. >> are you getting trod say something blasphemous? >> answer truthfully like i always do. i don't know. nobody's scared. i just think when it comes to the democratic party they've take didn't the black vote for quite some time. i'm not in a position where you are dissecting policy the way do you on a daily basis. at the end of date, when i see what transpires in our community i think the biggest impediment
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to the growth of our community is the fact that we don't force people to flatter us. we don't sit back and say you know what? i'm not going to just give my vote to the democratic party. i want to stand by as an individual with individual opinions, i want to see what you're offering if you're the republican party. if you're the democratic party, see what you're offering and gauge what's in my best interests. the black community la not done that for decades, since the days of larry goldwater or johnson. we haven't done it. theoretically, sounds marvelous, what the democrat dos. heart in the right place. but there is such thing as execution. when you see an f in executing something, that's problem. look at education. contributed money, but i'm from harlem queens, 20 miles from here. i went to thomas edison high school. very good, but a lot weren't nearly as good. right for african-americans who suffered. it's not an accident the
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unemployment rate in the african-american community is practically double that of the white community, because, why? there are things that have been addressed. people need jobs. people need opportunity, more importantly, you can't always be about, well, we're giving and giving. really? are you sure that you're doing that? throwing in money into an empty well. what good is it doing us as community. >> i agree on almost everything you've said. the results have not been there but i can tell you the agenda from president clinton, from obama, is the agenda to create that opportunity. the agenda from press reagan, bush, then president bush, to destroy the creation of that opportunity. that's why i agree, negotiate hearder. >> i'm saying i'm not sitting up here and defend a bunch of conservatives. you sit there and look at some of the things you propose, you have to be sensitive as an african-americ african-american. who in god's named to us republicans are evil and the democrats are angels? excuse me. last time i checked they're all
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on capitol hill. they're all sells us a bag of worms, and it ain't working. the reality, we have to reach a point in the african-american munt, i'm looking at you. when you in office, i looked at this guy, he knows what the hell he's taking about, period. >> i try. >> i didn't say, he's a democrat. let me give him -- that's the whole point. the fact is, the african-americans -- can you look at social security. they talk about the average american, average african-americaning by the age of 55. we're not collecting social security but they're taking money out of our paychecks every week. how are we benefiting? >> do you have these conversations with your liste r listeners? >> i'm the lone ranger inside my family and i could care less. i believe -- we talk about charlie rangel last time i was on here. i'm not trying to bring up negativity about charlie rangel but there is a problem when you blindly support a man and you don't take into account the
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things -- i'm not saying he hasn't done good, but you have to take into account the totality. >> not like i only vote for women because hair women, that's not good. >> not good. >> i want to go become to one particular area we all--education. seems to me president obama, secretary of education arne duncan, from michelle's agenda, joel klein's, getting quality teachers into the schools i. love those ideas. but i also watched the democratic -- the democrats just excoriate george w. bush for no child left behind and basically -- wait. yes, they did. you know they. the fact is what he was proposing was alternatives. the progressives, the liberals, are supposed to be a party of choice, but how many choices were they willing to give you? they were saying if you support the charter school that's going to take funding and veer it away from the public sector into the chartered sector. that may not necessarily be
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good. they didn't give the african-american community an opportunity to make that decision. they tried to make it for us. that's a problem. >> when i was governor -- just teasing. >> we doubled the number of charter schools. new york city, a democratic city. we have an -- >> i'm not talking about you. >> but president obama has done everything to push the agenda for choice in schools. for improving the quality of our teachers. >> you're misconstruing what i'm saying. i'm not here to lambaste the ambitions of our president. when they asked me a question before i came on the show about blacks and the african-american community and democratic party, it wasn't an obama. i truly believe his heart is in the right place. i don't think he always knows the best decisions economically. god know unemployment shows that. >> whew. you fellas used up more words in this seg mant than i use in about a week. >> the man asked me a question. i gave an answer. >> a simple question. why do you think republicans have a hard time attracting african-americans? >> because their messengers have
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been god awful. their messengers have improved somewhat, and dare i say, talk radio, as bad as that it to say, it's actually true. you can't find a republican that looks either remotely comfortable, to walk into the black communities throughout the united states of america and make sure their message resonates -- >> why aren't think african-americans in the tea party? >> i do believe there are some and i'm not here to disrespect on the tea party. they're tore lower taxes, less government intervention, i respect that. even though we may disagree on some things i do think their message resonated. there's a reason democrats lost 63 seats in the south, and in the senate. there's a group of people out there's that look at the fabric of america and they're saying to themselves, why in god's name should we trust you? that's the message in all this. the more you give to the government the more you are asking, the more they are asking you to trust them with your money. why in god's name would i trust a government with a trillion
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dollar debt? you can't manage your own books. why should you manage mine? these are comments -- >> answer this question. >> sure. >> name one republican presidential candidate you would vote for over barack obama. >> i don't want to say -- >> let me -- i. will say this, though. i would strongly, strongly consider mitt romney, for one reason, one reason only. the man knows how to make money. guess what? i don't care, and let me -- let me put it right out here just so you know. i don't care what you do, how you -- doesn't matter to me. as long as you govern our country, and you make sure that we are a prospering nation. i got a job. i don't have a handout. remember my family i know what government cheese is. i've tasted it. i know what it's like to starve. i grew up poor. i'm not trying to go back. >> being mormon. >> that's his personal business with his god. got nothing to do with me. nothing to do with me.
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>> steven i'm with you. the republican party is going to turn on him, because his health care plan was the same as barack obama's. >> they turned on john mccain, too, because he was 85% of a republican as opposed to 100%. they were idiotic in doing so and it cost them an election. same could happen with mitt romney. they tend to want perfection, same exists on a liberal sides. who needs to win out, people like myself and others who have common sense. not right, not left. common sense. has works today? what works with this particular issue and situation? that's what this country needs to be about and unfortunately we're not that way. >> here, here. >> that's the daggone problem. maybe i should run for office. >> i think you already are. >> i'll get about two votes, but, hey, that's better than i thought i'd get last week. >> i'm going to vote for you. >> hey. >> steven a. smith, fabulous. thank you. thanks for being with us. still to come, a real-life cinderella story in london.
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will a commoner wear the queen's crown? couldn't happen? i for one are on the edge of my seat. don't go away. we'll be right back. republicans have to start acting like adults and realizing they've got to govern now. many in the democratic party are going to take pleasure watching them figure out who they want to be when they grow up. right now we only know what they're against. no idea what they're in favor of. dishcloths are just fine. for a better shot at getting surfaces clean, you'll want bounty extra soft. in this lab test bounty extra soft leaves this surface 3x cleaner than a dishcloth. even with just one sheet. super clean. super soft. bounty extra soft. in the pink pack. and try bounty napkins. yeah. aww...that oj needs alka-seltzer plus. fast powder packs are a taste-free fizz-free way to transform your drink into a powerful cold fighter! there's a cold front moving in, but relief is on the way.
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you want to know the most important achievement in the lame duck bill? not don't ask, don't tell or the potential s.t.a.r.t. treaty. the government's spending bill that represents a major victory for republicans, because they once again outma you'vered the democrats. after threatsening to filibuster the bill democrats backed down pulled it and submitted a continuation ever the old budget. >> so why is this is triumph for the gop? because this budget won't fund president obama's signature pieces of legislation, health care and wall street reform pap crippling development for the president, really, and come march when the bill expire, republicans will be in a much stronger negotiating position to further undermine obama's top priorities. >> joining us tonight for more on the battle over the budget and what it means our headliner, democratic congressman anthony weiner of new york. welcome. >> thank you. >> the first question, congressman. how did the democrats let republicans seize control of the budget once again? this continuing resolution does not include funding for the health care reforms or the
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financial re-regulation in dodd-frank. isn't this story in huge loss? >> the senate held hostage to one or two member whose could say every appropriation bill, not going let it happen. what happens, left with a question of basic responsibility for government. do you let the lights go out? do you let bills not get paid? and you're left with essentially another one of what president obama called hostage situations, where the republicans said we're not letting anything go forward except existing funding moving forward. that means all new bills past this year, not just health care and financial regulation, won't be funded until next year sometime. >> i'm more than happy to agree about your critique how the republican party completely bottled everything up on the senate side, however i also feel this is a failure of negotiating strategy on part of the white house, because the without when it signed the tax agreement with the republicans in the senate should at that moment have said to senator mcconnell, minority
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leader, we are obligated you as a hart part of this agreement to approve the omnibus bill, the package to permit spending to go through the next 12 months. the white house failed to understand the game that was being played by the republican party, and now is being held hostage, because it let itself be taken hostage again, and so here we are where we are. >> well, look, it's easily said. i frankly think the 9/11 health bill should have been part of that as well amplgts agree. >> don't ask, don't tell, eventually thankfulless passed should have been. all that said, inherent in all of our rules around here is the presumption that all of us want the government to run as smoothly as possible. we don't all agree on everything. sometimes there are things in budgets i don't like. sometimes things exclude i would have liked. what the republican was rewarded for in this election was stopping things from functioning at all. they were rewarded for being the party of no. eliot, it's not clear they're not choosing the right strategy. when we come back first week in january it's going to be their
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responsibility to get budgets. we'll see how well they do i want to look at what the dynamic will be in january. i'm worried about going forward what will the agenda be and looking at both the health care legislation and the wondering whether that will get the requisite funding to create the offices and procedures necessary and also on the wall street side, already there's a list of regulatory stats that should be tegan that aren't being taken because there's no funding. how will this play out? >> it isn't clear to me. it's certain the republican strategy now is the thing they're against will come to the floor quickly. against financial regulation and health care. exactly right about that. what they're able to do practically to stop it? the government still has to run, agencies still have rule making. not a lot of federal expense at the front end of any of these and all ever the expense of the overall program, it's a net saver to the american people. i'm not sure how much they can do, but they can make mischief. remember something.
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the american people are enn enentitled to some level of understand pg. it you believe the health bill should be repealed, your party won. try to do it every day and every da if that's the fight. the american people will grow weary quickly i think, having last year's fight again and again like ground hog day. >> you said the government has to run. do you foresee the government could be shut down in opposition to the republicans? >> looks there's a conversation that's going on now about what happens when the -- every so often we hit the statutory debt ceiling. it's the republicans' job to raise that ceiling, still behind the currency and all the debts we've issued. republicans have to start acting like adults and realizing they've got to govern now. many of us in the democratic matter take pleasure watching them try to figure who they want to be when they grow up. right now all we know is what they're against. we have no idea what they're in favor of. >> if they refuse to fund health
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care would you stroet shut down the government? >> i'm not negotiating on your show here. but i can tell you, there's not a great deal of willingness on the part of my democratic colleagues to bail out the boehner congress. >> i think the problem, congressman, as i see this going forward, what i see is the republicans using a scalpel not a meat ax. i totally agree. the public will not stand style while they shut down the government but they will use a scalpel, say no funding for liz whether warren the consume e protection agency, for instance, with dodd-frank. no funding, for instance, for the office they're supposed to get involved in the rating agencies which were the core of the financial crisis, and so i see that there will be a scalpel used to carve away the most important pieces of reform packages passed. that worries me. how do you respond to that? >> let's wait and see. remember, now that these thing, in statute, there's a law, a legal requirement for these steps to go forward. so someone if they wanted to go into court and say, listen,
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you've got to provide this service for that, that's require under this law, they'll be able to do it. but i'm going to wait and see. what we don't know about the republican agenda could fill a book. they campaign on plchl platform what they're against, not in favor of. as a member of the energy commerce committee where the fights are fought out, every step of the way a fight and it provides us an opportunity. we lost the rhetorical battle on a lot of the elements of health care. i don't think anyone disagrees first time around. this gives us another bite at the apple. when people are asked, implement the bill, improve as we go or repeal and replace it? most want to improve it. >> we'll be right back. if this s.t.a.r.t. treaty and it's the centerpiece of obama's reset, disintegrates or collapses, i think for a generation, a full generation, we will lose the possibility of
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in a lame duck session that has had more than its share of drama, s.t.a.r.t. treat in its final act. the strategic treaty signed by president obama and russian president medvedev in april of 2010 waiting approval by the
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u.s. senate and russian parliament. >> republicans make objections clear. the u.s. capacity to develop and deploy mill defense systems. support for the treatsy growing and appear it it's will pass but may face big problems. joins us, professor stephen cone, professor of russians studies at nyu and the as princeton university. welcome. >> welcome, professor. >> stephen and professor. >> professor stephen, you say many things important but in this case not so much whether we will pass or sign this treaty, or that it will get through the process in the senate, but whether russia will fas. is there a chance they will not? >> there is a chance, because they entered into this treaty on the understanding that obama would respect their security anxieties about missile defense. in particular, not put missile defense sites in eastern europe. however, obama has now sent a
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letter to the senate saying that he will max out on missile defense. he calls it four stages. that's the maximum. if they give him the votes he needs. meanwhile, senator mccain is trying to turn obama's promise into an actual amendment to the treaty. if the kremlin thinks that they've been duped, that's the word they use, duped, and that they're not getting what they were promised, they won't ratify. >> explain, so folks understand, how this treaty and the reduction in the number of both deployed warheads to 1,550 and launch toeers to 700 is interce between missile defense treaty, first strike capabilities and how the soviets view that? >> two versions of whatever the truth may be. we say, the united states government said, missile defense has nothing to do with russia. nothing. russia says, nonsense. missile defense can be adapted, adopted, developed in a way that
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could elimb'sate our possibility of retaliating to a nuclear strike on us. therefore, if you create missile defense in our security zone, our nuclear arsenal is worthless. now, remember, that the nuclear peace for 40 year has been based on this understanding nap if you strike us, we can strike you. you destroy us, we destroy you. >> mutual destruction. >> an awful premise but kept the peace. the russians think missile defense will eliminate their retaliatory capability. >> how do russians view this debate here and how do they view the president beyond being not a good faith actor? are they concerned whether we are to be trusted? >> well, the first thing we understand is that, all forgiveness, president obama is a weak president. this confirms their view. he wasn't able to get the treat you through as they wanted. but more importantly, when president obama came to pow ir, came to office in january 2009,
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the american-russian relationship, 20 years after communism was gone, a virtual cold war state. obama said we need a partnership with russia. he was ride. their words, deceived, betrayed repeatedly since 1991 by the united states. he said i will not deceive and betray you. you can trust me. now they're wondering, as they look at this debate in the united states, what's going on. >> one of the big concern, of course, is whether russia will help us keep iran from getting a nuclear weapon. and you feel that this treaty already is damaged. it's already damaged goods. but have they been helpful to us and how? >> they voted for the stronger sanctions against iran which in effect is a partner of russia nap was big political step. it was very unpopular in moscow. when medvedev agreed to it he was accused of treason in moscow
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for doing it. don't forget afghanistan. personally, i don't think we can win this war. any theoretical chance prevailing in any regard in afghanistan requires full russian cooperation. now, the understands was that obama struck, that in return for not threatening you with missile defense, will you help us with afghanistan and iran. they have. they did. they are. but will they the day after tomorrow? >> wasn't the language in here vague enough to allow us some wiggle room and, on the defense missile system, and why would john mccain bush to codify that and thus create this -- >> why study russian not the united states? i guess they want to destroy obama's presidency or maybe sincerely he doesn't like the treaty. he's always supported it. >> do you like the treaty? >> it's better than nothing. good to have a trust building concept of on-site inspection. you can't expect in any closet, it beads confidence. i'll tell you something. this is about much more than this treaty.
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this is about whether or not there's going to be a strategic partnership between the united states and russia, 20 years after the soviet union and the bottom line is, forgotten in this country, american national security runs through moscow, period. without it -- >> explain why you say that. >> why our national security unares from moscow? >> as opposed to either through beijing or any of the countries where we actually are in combat right now. >> you can't spell it all out, briefly, the headline. russia has, the only one with a nuclear weapons to destroy us. russia is a wallmark of proliferation. russia has the energy. largest energy supplier in the world now. russia remains largest territorial countries in the world. it sits in the east's. it sits in the west. the crossroad between western and islamic civilizations. the stabilities of the world depends on the russia. >> the scariest thing you said, the wallmark of proliferation?
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>> they don't tell us too much, don't want to scare us too much. when arrested people who wanted to sell radioactive material i believe that in all dozen cases the material came from the former soviet union. >> of course, the deployment of delivery systems gets easier. witness north korea's launching, launch of missiles that now have a larger and larger circumference. >> wro want to lose sight, because i think we do lose sight in terms of washington politics what's at stake here. let me repeat. next year, 2011, 0 years since the end the soviet union. most of us thought good. that problem's over. now the other big country in the world, we'll be partner, solve a lot of problems. we've been in a virtual cold war relationship 20 years later. if this s.t.a.r.t. treat herbs therbs -- treaty disintegrates or collapses i think for a full generation we will losed possibility of a relationship with russia that's positive.
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because obama and medvedev are young leaders in their mid-40s. we sometimes say, wait for the next generation. they are the next generation. this is an underscoring moment a turning point. >> so if russia doesn't trust us and if obama is viewed this week, they'll ratify their own treaty? >> get their lawyers. their arms control negotiators look whatever comes out of the senate today, tomorrow, over are the weekend, during the week. if it hasn't revised their understanding of the treaty they will ratify. by that, the kremlin controls the parliament. not like obama and the congress. they will say ratify this tomorrow. you've got to -- you have to -- our viewers have to ask themselves, what happened in the last 20 years that we're still sitting around talking about our problems with russia? and nuclear weapons? this wasn't supposed to happen. was it? >> good question. >> was it? >> wasn't supposed to happen. >> another 20 years to figure it ounchts thanks for being with
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us. still to come a real life cinderella story in london. will a commoner wear the queen's crown? i for one am on the edge of my seat. don't go away. r, it's time for two more pills. the day marches on, back to more pills. and when he's finally home... but hang on; just two aleve can keep arthritis pain away all day with fewer pills than tylenol. this is steven, who chose aleve and 2 pills for a day free of pain. and get the all day pain relief of aleve in liquid gels. ♪ [ male announcer ] they've been tested, built and driven like no other. and now they're being offered like no other. come to the winter event and get an exceptional offer on the mercedes-benz of your dreams. it's our way of showing a little holiday spirit. and stay connected
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unono veheay ers e ftouanlws seo nds fevi bod en nghr'hoe tohemecarecrs. 'sheifyogi tay america still loves the monarchy. prince william will marry kate
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middleton next april kicking off a reality series we can't seem to get enough of. >> of course, as brand new book, "william and kate: a royal love story" written by christopher who joins us now. welcome. >> thank you. >> we talk about poor kate middleton as commoner. that sounds so mean. >> it does. >> what does it mean to be a commoner? >> great for them. suddenly we have, look, the royal family is a train wreck, right? they just have all of these problems and the queen is having to put up with divorces of three of her four children and all of a sudden we have this kind of normal person who people can identify with. they is really going to be the first commoner queen. >> commoner, normal? she ended up going to the same school as the prince. clearly, not someone who grew up in a random street somewhere? >> normal to set your sights on the king of england? don't you think? >> didn't her mother sort of arrange for kate to go to the same schools?
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>> exactly. >> look, there is thought that went behind this. her mother was a stewardess, making party bag, self-made millionaire. >> xuxz story. >> a martha stewart. >> exactly. that's the way to phrase it. people who look at the royals don't look at things the same way. the word commoner doesn't have the negative -- nots at aristocr aristocrat. not as bad. >> we're all commoners? >> even call the queen mother commoner, a joke, because she was a granddaughter of a -- >> is she going to be the queen some day? >> literally the queen? >> a commoner can become the queen? >> absolutely. >> back to the mother. was this a design? did she have designs on the prince? >> originally she was going to the university of edinboro and study art history. . when it was announced william would attend, haven't got such a
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bad program. a lot of kids did that. enrollment at saint andrews went ip 40% overnight. a lot of those were americans. american girls. >> they knew an american couldn't marry him. right? >> i don't think they did. >> the future queen of england entrapped her groom? >> i wouldn't put it that way. >> going to england, you could be executed. >> i don't think i'm invited to the wedding, no matter what i say. >> this thing -- they invite -- not president obama? sarkozy they invite. who saved them? no sense of gratitude? >> no yes obama would be invited. he's not going to go. the president of the united states does not go to a royal wedding. the first lady always goes. >> did she invite michelle? >> she'll be invited. absolutely. >> we heard a vicious rumor they not invited. >> a certain newspaper in england that has gotten it wrong i think. and gotten it wrong in the past a come time, too.
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>> no question. he'll be king. right? >> definitely is. >> king william, whatever. >> william v. >> will he redefine? a wing .50 . -- king .50. >> prince charles has been waiting around longer than anybody in history. he will be king. i do in the feel sorry for charles, but, see, some of the big news in the book is the fact that the queen is now seriously thinking of about da gating. never would have thought about that. >> abdicating sounds so bad. >> retiring. >> that's better. >> stepping aside. she's 84. if she lives as long as her mother, charts, most important thing, she'd be 101. charles would be 80 when he became king. not fair. >> not fair. >> how about camilla? she'd be what? is she going to be queen. >> another thing. he promised to the people of england trying to convince them to let him marry camilla, they
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didn't like camilla, she would never make queen. might. she will be queen of england. nothing that can stop her. except an act of parliament. camilla the next queen, he'll be the next king. if the plan goes according to schedule, everything set for william to become king in his maybe mid to late 40s, which is great. >> if charles dies at the right age? >> no. has to agree to a ten-year reign. limited. >> why would he do that? >> in order to get on the throne before -- >> negotiating this with his mom? >> it's like this. >> i thought it was a happy family, thanksgiving dinner with normal conversation? >> and you're the -- >> you can only be king for ten years. this is not a normal thing. >> no one la ever seen -- happy family. no one has ever seen the queen express, hug other children or express -- there isn't that kind of connection that you think. >> important question. >> right. >> what do the obama's give as a wedding present? since they've already given the bust of winston churchill back
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what can they do? >> can't imagine. i have to think about that. i haven't been asked that before. >> you dug of you stuff made two years ago. people thought this couple was getting married a while back. right? we have a picture of a plate. >> this comes at a very good time. >> my personal collection. >> right on out of your dining room. >> manufacturing in 2007. >> woolworth's. they put this up. 2007. okay. now 2007 she thought on valentine's day he would ask her to marry her. instead broke up with her. >> broke up in april, but he wouldn't ask letter to marry her on valentine's day, that set up this tension between them. he went to daddy and said, i'm not ready to get married. i'm 25. what do i do? he said, break it off. it's leading her down the primrose path. >> great advice. >> then she went about getting her back? >> yes. once the breakup took place, on april 11th over the cell phone. called her at work and did it over his cell phone.
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>> didn't tell him to do it they wa. >> no. >> isn't marriage counseling -- >> an example of men are dumb, women are smart. this seems like -- >> what she did afterwards. >> wait. >> shh--she got him back. look, went to the college to get him. she got him. when they broke up, went after him. she's going to be the queen of england for god's sake. >> well, i don't know. >> send her back to the states. >> no, no. she's very -- a real mccoy and he's getting the bert part of the bargain. >> fun book to read. full of gossip and insider proof. >> no. truth. facts. >> i don't know. it's just fun. okay? a great read. okay christopher anderson thank you for joining us. >> trick, thank you. we'll be right back. if you live for performance,
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this time of year we count our blessing. to bay holiday dinner more and more americans need to rely on food stamps. according to the department of agriculture and the u.s. census nearly 43 million american, now receiving food stamps up a staggering 16% from last year. >> stop and think about that. 4 milliwere 3 million folks. just over percenpercen% were on. the number climbs until 2010. in our 14% of all americans depend on food stamps to feed their families.
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one in every seven americans. some states it's worse. idaho used to have one of the lowest populations and nevada a boom state not that long ago. >> here's a painful example how the economy hits american where is it hurts most, at the grocery store. maybe we lose sights of that in part because we don't see the old coupons anymore, replaced by government issued debit cards. >> i used to be a governor. misconceptions about food stamps. you don't need to be below the poverty level to qualify. a family of four, an income under $29,000. that translates into $668 in food stamps. >> nobody buys groceries by the month. that's about $24 a day. that's for a family of four. we'll be right back. are you a procrastisanta?
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he's one of the most important figures on wall street over the last 50 years. not because of his own profits. when other was figures how to make money out of your pocket he was figures how to make money for you. on wall street today it isn't easy for regular folks to profit. you think you're smart about your investment, don't count on it. that's the title of the lawsute book, largest mutual funds on the nation. joining us on the exchange, jack bogle. thank you for beagle here. i want to preface this by saying
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i am an enormous fan of yours. you are one of the few, honest folks ob wall street who always put the client first. >> that's the way to build a good business. >> and you succeeded. explain where did your notion of the vanguard's fund come from and why? >> well it really begins with my senior thesis at princeton. the cover is orange and black. that's why. i wrote my senior thesis, i wanted to write it op topic, no one had written on i stumbled on an article on a magazine about the mutual fund. never heard of it. never knew anything about stocks or bonds. >> what year was this? hate to do this. >> 1951. a long time ago. >> 30 years before i graduated from the same place. >> don't even mention it. and i sketched out, wrote about the mutual fund industry and sketched out what the industry needed to do to be the kind of industry that lived up to its ideas. that was put the shareholder first. >> by shareholder, the investor?
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>> the mutual fund investor first and run your funds in the most efficient, honest and economical way possible. don't mant a make, i said then to think you can beat the market index. >> the next to, keep fees and courts low? >> and invest for the long term and put the shareholder -- you make a decision. don't make it for the manager, but for the shareholder. >> explain why the issue of fees is so important. >> the reason it's important is, in a simplified way, if the market, gives an 8% annual return, all investors groups divide up 8%. okay. not complicated. wall street take, the mutual fund money managerers and traders, lawyers and the whole constellation. >> deciphers who feed off this. >> feeding away. the rent seekers, they call them. they take about 2% out of that. 8%, leaving you with 6%. if you compound that over a lifetime that means that you put up 100% of the capital. you took 100% of the risk and get about 25% of the return.
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and wall street puts up none of the capital. takes none of the rick, and gets 75% of the return. if you think that's a good deal, eliot, welcome to wall street. >> that exactly is the tension, the conflicts of interests that has been adherent in the so many mutual fund companies for decades. >> exactly. mutual fund history is a big market industry whose objective is to raise the amounts of assets under margarestand manag bigger you are, a lot of fee, leverage in the fees and huge economies at scale as you get bigger. the mutual fund industry by and large has not shared the economies to scale with investors, they've shared it with themselves mgts your notion, teep the fees low to give a bigger return to the investor. >> scats exact lie right. transaction costs low and get rid of the sales. the index does. every fund in america, buy a vanguard fund that owns the stock market seven basis points no trading costs, high firsty,
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no lows. a way to capture your fair share market returns, whatever they may be. >> now i want to switch gears and talk how you see our economy now and what you think is the underlying problem with an unemployment rate at 9.8% has seems to be stuck there. a lot of money sloshing around, but no real investment or job creation? >> no. there is no real investment and job creation. i think what we have to do i think the obama administration moved in the right direction with the stimulus, but there's not going to be anynor stimulus. the politicians in washington will become, i think, they're own parody, and aren't going to give any more stimulus ip think we have to work around making particularly for small businesses and medium sized businesses, it's more attractive to hire. whether that's credits for new hiring, investment credits, whether it's some limited reduction in regulations. make the world easier for the small and medium sized businesses. the big guys can take care of themselves. >> why are banks not doing what
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she should, lend out into the business community to get things moving? >> the bankers will tell you there's not that much demand. people aren't looking for more money because they're scared about the future. there's the other side would say the banks standards are too stringent. don't want to take risks. a funny comment from a banker who loaded up with more risk than the global economy and many hundreds of trillions of dollars of financial instruments could do, and now are saying, well, these little guys are not going to help. >> for those who believe the issue is lack of aggregate demand, how do you stimulate the demand? stimulus okay, how would you craft another one, where would it come from? >> shovel ready product. projects. didn't seem to be many shovel ready projects. we ought to move the focus away from, doing it already, away from t.a.r.p. and funding bankers to the productive part of the economy. because in the long run, the productive part of the economy is what america is all about. and the financial part of the economy creates no value and in
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fact subjects value from the returns of business. >> you made clear in i don't book, focus on the finance rather than productivity. the problem politically, newly ascended republican party seems to reject the notion of cagian economic, what you're talking about, creating a demand having government spend the money or buy the goods that create and creates demand. have we rejected that and is that a bad thing to do? >> i think it is bad to do. we will find out. a wonderful test going on in the united states kingdom. that's going to be a struggling economy with huge cutbacks in the government's role in the british economy. so i think this is going to win out and there we at least have a good test of it. a lot of arguments, yes it will work out. no, it won't. worked in the depression, or did it? no one's ever going to be able to prove these things but kbruv got to try something with the best possible prospects and this really fragile, very fragile position in which our nation finds itself. >> and what is your view of this
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whole notion of cutting taxes for the wealthy at this moment in time? >> well, please. i mean, the idea, honestly of holding the unemployment benefits to people who haven't been working some for a long time, probably 20 million of them for seer o'income they want jobs for zero income, earnings to fave the top 1% and more likely the top 1/10 of 1% or top 1/100 of 1% of top purpt abusive, counter productive, economically incorrect and even worse, eliot, i can vie higher, contrary to the spirit of the constitution of the united states of america which does, don't forget, says something about promote the general welfare. >> and you are a wall street guy saying all this? >> yeah. >> isn't that amazing? jack i want to tell you it saws a pleasure to read your books to hear you speak.
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somebody from wall street, finance who believes deeply in the ethics and fiduciary obligations, banking as it should be. >> great way to feel. >> name of the book "don't count on it" jack, as always, thank you for being here. we'll be right back. [ male announcer ] nothing's proven to relieve pain better than extra strength bayer aspirin. it rushes relief to the site of pain. feel better? yeah. thanks for the tip. but i knew that i was going to need a day job. we actually have a lot of scientists that play music. the creativity, the innovation, there's definitely a tie there. one thing our scientists are working on is carbon capture and storage, which could prevent co2 from entering the atmosphere. we've just built a new plant to demonstrate how we can safely freeze out the co2 from natural gas. it looks like snow. it's one way that we're helping provide energy with fewer emissions. it'shas the biggest hotelelping deals we're offering the big deal guarantee.
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hello. i'm randi kaye. more "parks and recreation" in a moment. first, net neutrality rules broadly speaking means that all content on the internet must be treated equally. the rules designed to keep people who pay more from getting better web service than others. congress could decide to amend or weaken those rules. in southern california, another day of record-breaking snow, rain and flooding causing an epidemic of dead batteries, emergency tows and crashed vehicles. more than 25,000 distraught motorists called aaa for help. the most ever in a 24-hour period in the region. in europe, heavy snow stranded thousands of passengers struggling to get away for the holiday season. today brought more frustration and delays. two days of flight cancellations caused major backlogs across the continent. in germany, all flights in and out of frankfurtstopped today. it is unacceptable. tonight on "360" the senator
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blocks the health bill is a doctor. why is he turning into dr. no on this issue? we are keeping them honest. that's the very latest. now back to "parks and recreation." now or postscript. tomorrow president obama signs the repeal of the military. don't ask, don't tell policy. one of the legislators is an iraq war veteran patrick murphy, a democrat from pa panchts today we spoke movingly about a company commander in afghanistan. let's call him commander x. counseled many who received a dear john letter. now commander x needed counseling and had no one to turn to except an iraq war vet named patrick murphy. >> this young economy commander, this captain on his fourth deployment wrote e-mail saying i never thought i'd see the day when i got one of those letters myself. and i'm sitting here at